PlainID, an Israeli startup that provides cybersecurity, authorization, and identity access management (IAM) solutions, raised $75 million in Series C funding in a round led by New York-based global venture capital and private equity firm Insight Partners, with participation from Itai Tsiddon, Viola Ventures and all other existing investors.
Identity and access management (IAM) is also known as simply identity management (IdM). It is defined as a framework of policies and technologies that are used to guarantee that only authorized users (in an enterprise) have the suitable access to a firm’s technology resources. In this way, a company can protect its assets from hackers on the outside while ensuring that the people within the company can only access what they have been authorized to see and use.
IAM systems are a part of the overall field of IT security and data management. Identity and access management systems not only identify, authenticate, and control access for individuals who will be utilizing IT resources but also the hardware and applications employees need to access.
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IdM addresses the need to ensure appropriate access to resources across increasingly heterogeneous technology environments and to meet increasingly rigorous compliance requirements.
PlainID says that it will use the funding to expand its Go-To-Market strategy, accelerate product development and further its vision of enabling organizations to simply and securely govern, administer and control who can access assets across their digital landscape.
The company was founded in Israel in 2014 by CTO Gal Helemski, who is a veteran of Mamram, the IDF’s Center of Computing and Information Systems, and CEO Oren Ohayon Harel, who previously worked a senior executive at Bank Hapoalim’s computing unit, where he managed information security.
[New Blog] What is the delegated model for B2B #IAM?
Here’s how it enables external workers and business partners to engage with you continuously, smoothly and seamlessly:https://t.co/ZspzBmaxHU#B2BIAM #AccessManagement
— PlainID (@plainID_authZ) December 22, 2021
PlainID says that it provides innovative solutions in the IAM and Cybersecurity space by “providing a policy-based access management layer, using a real time decision engine to control who has access to what.” Its Policy Manager and Partner Manager solutions, boasts the company, have been developed to deliver instant and secure digital experiences, with authorized users accessing the data and applications they need without delays or compromising security.
“This major funding round is an important milestone for PlainID and will enable us to significantly scale our platform to meet the huge opportunities that exist within the IAM and Cybersecurity markets,” commented Harel. “Our technology enables organizations to augment and consolidate their IAM policy management using a scalable runtime authorization engine and intuitive UI that allows them to adopt a cybersecurity mesh architecture, while securing their digital assets by centralizing the control of who can access what and when across the technology stack.”